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</style><table class="infobox biography vcard"><tbody><tr><th colspan="2" class="infobox-above" style="font-size:125%;"><div class="fn">Henry Calvert Simons</div></th></tr><tr><td colspan="2" class="infobox-image"></td></tr><tr><th scope="row" class="infobox-label">Born</th><td class="infobox-data"><span style="display:none">(<span class="bday">1899-10-09</span>)</span>October 9, 1899<br><div style="display:inline" class="birthplace"><a href="Virden%2C_Illinois" title="Virden, Illinois">Virden, Illinois</a>, U.S.</div></td></tr><tr><th scope="row" class="infobox-label">Died</th><td class="infobox-data">June 19, 1946<span style="display:none">(1946-06-19)</span> (aged 46)<br><div style="display:inline" class="deathplace"><a href="Chicago" title="Chicago">Chicago</a>, Illinois, U.S.</div></td></tr><tr><td colspan="2" class="infobox-full-data"></td></tr><tr><th colspan="2" class="infobox-header">Academic background</th></tr><tr><th scope="row" class="infobox-label">Education</th><td class="infobox-data"><a href="University_of_Michigan" title="University of Michigan">University of Michigan</a> (<a href="Bachelor_of_Arts" title="Bachelor of Arts">BA</a>)<br><a href="University_of_Chicago" title="University of Chicago">University of Chicago</a></td></tr><tr><th scope="row" class="infobox-label">Influences</th><td class="infobox-data"><a href="Frank_H._Knight" class="mw-redirect" title="Frank H. Knight">Frank H. Knight</a></td></tr><tr><th colspan="2" class="infobox-header">Academic work</th></tr><tr><th scope="row" class="infobox-label">Discipline</th><td class="infobox-data"><a href="Economics" title="Economics">Economics</a></td></tr><tr><th scope="row" class="infobox-label">School or tradition</th><td class="infobox-data"><a href="Chicago_School_of_Economics" class="mw-redirect" title="Chicago School of Economics">Chicago School of Economics</a></td></tr><tr style="display:none"><td colspan="2">

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<p><b>Henry Calvert Simons</b> (<span class="rt-commentedText nowrap"><span class="IPA nopopups noexcerpt" lang="en-fonipa">/<span style="border-bottom:1px dotted"><span title="/ˈ/: primary stress follows">ˈ</span><span title="'s' in 'sigh'">s</span><span title="/aɪ/: 'i' in 'tide'">aɪ</span><span title="'m' in 'my'">m</span><span title="/ən/: 'on' in 'button'">ən</span><span title="'z' in 'zoom'">z</span></span>/</span></span>; October 9, 1899 – June 19, 1946) was an American <a href="Economist" title="Economist">economist</a> at the <a href="University_of_Chicago" title="University of Chicago">University of Chicago</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> A protégé of <a href="Frank_Knight" title="Frank Knight">Frank Knight</a>,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> his <a href="Competition_law" title="Competition law">antitrust</a> and <a href="Monetarism" title="Monetarism">monetarist</a> models influenced the <a href="Chicago_school_of_economics" title="Chicago school of economics">Chicago school of economics</a>. He was a founding author of the <a href="Chicago_plan" title="Chicago plan">Chicago plan</a> for <a href="Monetary_reform" title="Monetary reform">monetary reform</a> that found broad support in the years following the 1930s Depression, which would have abolished the <a href="Fractional-reserve_banking" title="Fractional-reserve banking">fractional-reserve banking system</a>, which Simons viewed to be inherently unstable. This would have prevented unsecured bank credit from circulating as a "money substitute" in the financial system, and it would be replaced with money created by the government or central bank that would not be subject to bank runs.

</p><p>Simons is noted for a definition of <a href="Economic_income" class="mw-redirect" title="Economic income">economic income</a>, developed in common with <a href="Robert_M._Haig" title="Robert M. Haig">Robert M. Haig</a>, known as the <a href="Haig%E2%80%93Simons_income" title="Haig–Simons income">Haig–Simons equation</a>.

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<div class="mw-heading mw-heading3"><h3 id="Program_of_reform">Program of reform</h3></div>

<p>In one of his essays, <i>A Positive Program for Laissez Faire</i> (1934)<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Simons set out a program of reform to bring private enterprise back to life during the <a href="Great_Depression" title="Great Depression">Great Depression</a>.

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</style><blockquote class="templatequote"><p>Eliminate all forms of monopolistic market power, to include the breakup of large oligopolistic corporations and application of antitrust laws to labor unions. A Federal incorporation law could be used to limit corporation size and where technology required giant firms for reasons of low cost production the Federal government should own and operate them... Promote economic stability by reform of the monetary system and establishment of stable rules for monetary policy... Reform the tax system and promote equity through income tax... Abolish all tariffs... Limit waste by restricting advertising and other wasteful merchandising practices.</p></blockquote>

<p>Henry Simons argued for changing the financial architecture of the <a href="United_States" title="United States">United States</a> to make <a href="Monetary_policy" title="Monetary policy">monetary policy</a> more effective and mitigate periodic cycles of <a href="Inflation" title="Inflation">inflation</a> and <a href="Deflation" title="Deflation">deflation</a>. The goal of changing the "monetary rules of the game" in this way was to "prevent... the affliction of extreme industrial fluctuations".

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<div class="mw-heading mw-heading3"><h3 id="Corporate_finance_and_the_business_cycle">Corporate finance and the business cycle</h3></div>

<p>According to Simons, financial disturbances in the economy are perpetuated by "extreme alternations of hoarding and dis-hoarding" of money. Short-term obligations (loans) issued by banks and corporations effectively create "abundant (fiat) money substitutes during booms". When demand becomes sluggish, a sector of the economy undergoes a shrinkage, or the economy as a whole begins to lapse into <a href="Depression_(economics)" class="mw-redirect" title="Depression (economics)">depression</a>, "hopeless efforts at <a href="Liquidation" title="Liquidation">liquidation</a>" of the secondary monies, or "<a href="Fire_sale" title="Fire sale">fire sales</a>," result.

</p><p>Simons believed that a financial system so structured would be "repeatedly exposed to complete insolvency". In due course, government intervention would inevitably be necessary to forestall <a href="Insolvency" title="Insolvency">insolvency</a> due to traders' bad bets and <a href="Margin_call" class="mw-redirect" title="Margin call">margin calls</a> by lenders.

</p><p>A recent example would be the $10 billion bailout by the <a href="Federal_Reserve" title="Federal Reserve">Federal Reserve</a> of <a href="Bear_Stearns" title="Bear Stearns">Bear Stearns</a>, a multinational global investment bank, in 2008. John Mauldin, a senior member of the financial services industry, writes: "If Bear had not been put into sound hands and provided solvency and liquidity, the credit markets would simply have frozen... The stock market would have crashed by 20% or more... We would have seen tens of trillions of dollars wiped out in equity holdings all over the world." The Bear Stearns debacle was a watershed event in a housing market crisis that precipitated massive devaluations, left the economy reeling, and required massive government action.

</p><p>This is the chain of events predicted by Henry Simons in the event of a large-scale liquidation of inflated securities such as mortgage loans. In Economic Policy for a Free Society<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Simons writes that all it takes to precipitate a massive liquidation of securities is "a relatively small decline of security values". Simons is emphatic in pointing out that corporations that traded on a "shoestring of equity, and under a mass of current liabilities" are "placing their working capital precariously on call," and hence at risk, in the event of the slightest financial disturbance.

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<div class="mw-heading mw-heading3"><h3 id="Banking_reform">Banking reform</h3></div>

<p>In Simons' ideal economy, nothing would be circulated but "pure assets" and "pure money," rather than "near moneys," "practically moneys," and other precarious forms of short-term <a href="Financial_instrument" title="Financial instrument">instruments</a> that were responsible for much of the existing volatility. Simons, an opponent of the gold standard, advocated non interest-bearing debt and opposed the issuance of short-term debt for financing public or corporate obligations. He also opposed the payment of <a href="Interest" title="Interest">interest</a> on money, demand deposits, and savings. Simons envisioned private banks which played a substantially different role in society than they currently do. Rather than controlling the <a href="Money_supply" title="Money supply">money supply</a> through the issuance of debt, Simons' banks would be more akin to "investment trusts" than anything else.

</p><p>In the interest of stability, Simons envisioned banks that would have a choice of two types of holdings: long-term <a href="Bond_(finance)" title="Bond (finance)">bonds</a>, or <a href="Consols" class="mw-redirect" title="Consols">consols</a>, and <a href="Cash" title="Cash">cash</a>. Simultaneously, they would hold increased <a href="Bank_reserves" title="Bank reserves">reserves</a>, up to 100%. Simons saw this as beneficial in that its ultimate consequences would be the prevention of "bank-financed inflation of securities and real estate" through the leveraged creation of secondary forms of money.

</p><p>Simons advocated the separation of <a href="Deposit_account" title="Deposit account">deposit</a> and transaction windows and the institutional separation of banks as "lender-investors" and banks as depository agencies. The primary benefit would be to enable lending and investing institutions to focus on the provision of "long term capital in equity form" (233). Banks could be "free to provide such funds out of their own capital". Short-term interest-based commercial loans would be phased out, since one of the "unfortunate effects of modern banking," as Simons viewed it, was that it had "facilitated and encouraged the use of short-term financing in business generally".

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<div class="mw-heading mw-heading3"><h3 id="Money_supply">Money supply</h3></div>

<p>Simons believed the <a href="Price_level" title="Price level">price level</a> needed to be more flexible to accommodate fluctuations in output and employment. To this end, he advocated a minimum of short-term borrowing, and a maximum of government control over the circulation of money. This would result in an economy with a greater tolerance of disturbances and the prevention of "accumulated maladjustments" all coming to bear at once on the economy. In sum, for Simons, a financial system in which the movement of the price level was in many ways beholden to the creation and liquidation of short-term <a href="Securities" class="mw-redirect" title="Securities">securities</a> is problematic and threatens instability.

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<div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2></div>

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</style><cite id="CITEREFBlaug,_Mark1986" class="citation book cs1"><a href="Mark_Blaug" title="Mark Blaug">Blaug, Mark</a>, ed. (1986). "SIMONS, Henry David". <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/whoswhoineconomi0000unse_e8w6/page/n5/mode/2up"><i>Who's Who in Economics: A Biographical Dictionary of Major Economists 1700-1986</i></a></span> (2nd ed.). Wheatsheaf Books Limited. p. <a rel="nofollow" class="external text" href="https://archive.org/details/whoswhoineconomi0000unse_e8w6/page/786/mode/2up?view=theater">786</a>-787. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>978-0-7450-0230-9</bdi> – via <a href="Internet_Archive" title="Internet Archive">Internet Archive</a>.</cite></span>

</li>

<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><cite id="CITEREFHamowy2008" class="citation encyclopaedia cs1"><a href="Ronald_Hamowy" title="Ronald Hamowy">Hamowy, Ronald</a> (2008). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=yxNgXs3TkJYC">"Economics, Chicago School of"</a>. In <a href="Ronald_Hamowy" title="Ronald Hamowy">Hamowy, Ronald</a> (ed.). <i>The Encyclopedia of Libertarianism</i>. Thousand Oaks, CA: <a href="SAGE_Publishing" class="mw-redirect" title="SAGE Publishing">SAGE</a>; <a href="Cato_Institute" title="Cato Institute">Cato Institute</a>. pp. <span class="nowrap">135–</span>37. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4135%2F9781412965811.n85">10.4135/9781412965811.n85</a>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>978-1412965804</bdi>. <a href="LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/2008009151">2008009151</a>. <a href="OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/750831024">750831024</a>.</cite></span>

</li>

<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><cite id="CITEREFSimons1934" class="citation book cs1">Simons, Henry C. (1934). <a rel="nofollow" class="external text" href="https://archive.org/details/1934-simons-a-positive-program-for-laissez-faire-some-proposals-for-a-liberal-economic-policy/page/n1/mode/2up"><i>A Positive Program for Laissez Faire: Some Proposals for A Liberal Economic Policy; Public Policy Pamphlets No. 15</i></a>. Chicago, Illinois: University of Chicago Press<span class="reference-accessdate">. Retrieved <span class="nowrap">22 March</span> 2022</span> – via <a href="Internet_Archive" title="Internet Archive">Internet Archive</a>.</cite></span>

</li>

<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><cite id="CITEREFHayek1967" class="citation book cs1"><a href="F._A._Hayek" class="mw-redirect" title="F. A. Hayek">Hayek, F.A.</a> (1967). "The Transmission of the Ideals of Economic Freedom". <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/studiesinphiloso0000haye_o2x8/page/n5/mode/2up?view=theater"><i>Studies in Philosophy, Politics and Economics</i></a></span>. London: Routledge & Kegan Paul. p. <a rel="nofollow" class="external text" href="https://archive.org/details/studiesinphiloso0000haye_o2x8/page/198/mode/2up?view=theater">198</a> – via <a href="Internet_Archive" title="Internet Archive">Internet Archive</a>.</cite></span>

</li>

<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><cite id="CITEREFSimons1948" class="citation book cs1">Simons, Henry Calvert (1948). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/economicpolicyfo0000simo_i2e6"><i>Economic Policy for a Free Society</i></a></span>. University of Chicago Press.</cite></span>

</li>

</ol></div></div>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

<ul><li><cite id="CITEREFFriedman1967" class="citation journal cs1">Friedman, Milton (1967). "The Monetary Theory and Policy of Henry Simons". <i>Journal of Law and Economics</i>. <b>10</b>. The University of Chicago Press: <span class="nowrap">1–</span>13. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F466628">10.1086/466628</a>. <a href="JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/724867">724867</a>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154308028">154308028</a>.</cite></li>

<li>Kasper, Sherryl. <i>The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers</i> (2002), ch 3</li>

<li>Mauldin, John, peter. "Thoughts on the Continuing Crisis." Frontline Weekly Newsletter. 21 March 2008.</li>

<li><a href="Michael_Oakeshott" title="Michael Oakeshott">Oakeshott, Michael</a>. <i>The Political Economy of Freedom</i>, in: <i>Cambridge Journal</i>, Volume II, 1949; now in: Michael Oakeshott, <i>Rationalism in Politics and Other Essays</i> (1962), Indianapolis, Liberty Fund, 1991 (New and expanded edition), pp. 384–406.</li>

<li>Simons, Henry C. "Economic Policy for a Free Society." University of Chicago Press, Chicago, IL. (1948), pp. 165–248</li>

<li>Stein, Herbert. "Simons, Henry Calvert," <i>The <a href="New_Palgrave%3A_A_Dictionary_of_Economics" class="mw-redirect" title="New Palgrave: A Dictionary of Economics">New Palgrave: A Dictionary of Economics</a></i> (1987), v. 4, pp. 332–35</li></ul>

<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

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<div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Henry_Calvert_Simons" class="extiw external" title="q:Special:Search/Henry Calvert Simons">Henry Calvert Simons</a></b></i>.</div></div>

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<ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20131203005859/http://www.law.fsu.edu/events/tax%20symposium/shaviro.pdf">The Forgotten Henry Simons – Florida State University College</a></li>

<li><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=au%3A%22Henry+Simons%22+&acc=off&wc=on&fc=off&group=none">"Henry Simons"</a>. <a href="JSTOR" title="JSTOR">JSTOR</a>.</cite></li>

<li><a rel="nofollow" class="external text" href="https://www.lib.uchicago.edu/e/scrc/findingaids/view.php?eadid=ICU.SPCL.SIMONS">Guide to the Henry C. Simons Papers 1925-1972</a> at the <a rel="nofollow" class="external text" href="https://www.lib.uchicago.edu/scrc/">University of Chicago Special Collections Research Center</a></li>

<li><a rel="nofollow" class="external text" href="https://archive.org/search.php?query=%28%28subject%3A%22Simons%2C%20Henry%20Calvert%22%20OR%20subject%3A%22Simons%2C%20Henry%20C%2E%22%20OR%20subject%3A%22Simons%2C%20H%2E%20C%2E%22%20OR%20subject%3A%22Henry%20Calvert%20Simons%22%20OR%20subject%3A%22Henry%20C%2E%20Simons%22%20OR%20subject%3A%22H%2E%20C%2E%20Simons%22%20OR%20creator%3A%22Henry%20Calvert%20Simons%22%20OR%20creator%3A%22Henry%20C%2E%20Simons%22%20OR%20creator%3A%22H%2E%20C%2E%20Simons%22%20OR%20creator%3A%22H%2E%20Calvert%20Simons%22%20OR%20creator%3A%22Simons%2C%20Henry%20Calvert%22%20OR%20creator%3A%22Simons%2C%20Henry%20C%2E%22%20OR%20creator%3A%22Simons%2C%20H%2E%20C%2E%22%20OR%20creator%3A%22Simons%2C%20H%2E%20Calvert%22%20OR%20title%3A%22Henry%20Calvert%20Simons%22%20OR%20title%3A%22Henry%20C%2E%20Simons%22%20OR%20title%3A%22H%2E%20C%2E%20Simons%22%20OR%20description%3A%22Henry%20Calvert%20Simons%22%20OR%20description%3A%22Henry%20C%2E%20Simons%22%20OR%20description%3A%22H%2E%20C%2E%20Simons%22%20OR%20description%3A%22Simons%2C%20Henry%20Calvert%22%20OR%20description%3A%22Simons%2C%20Henry%20C%2E%22%29%20OR%20%28%221899-1946%22%20AND%20Simons%29%29%20AND%20%28-mediatype:software%29">Works by or about Henry Calvert Simons</a> at the <a href="Internet_Archive" title="Internet Archive">Internet Archive</a></li></ul>

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<ul><li><a href="Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li>

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<ul><li><a href="Douglass_North" title="Douglass North">Douglass North</a></li>

<li><a href="Robert_Fogel" title="Robert Fogel">Robert Fogel</a></li>

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<ul><li><a href="Jacob_Mincer" title="Jacob Mincer">Jacob Mincer</a></li>

<li><a href="Gary_Becker" title="Gary Becker">Gary Becker</a></li>

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<li><a href="Thomas_Sowell" title="Thomas Sowell">Thomas Sowell</a></li>

<li><a href="Sherwin_Rosen" title="Sherwin Rosen">Sherwin Rosen</a></li>

<li><a href="Kevin_M._Murphy" title="Kevin M. Murphy">Kevin M. Murphy</a></li>

<li><a href="Sudhir_Venkatesh" title="Sudhir Venkatesh">Sudhir Venkatesh</a></li>

<li><a href="Steven_Levitt" title="Steven Levitt">Steven Levitt</a></li>

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<ul><li><a href="James_M._Buchanan" title="James M. Buchanan">James M. Buchanan</a></li>

<li><a href="Gordon_Tullock" title="Gordon Tullock">Gordon Tullock</a></li>

<li><a href="Randall_Gregory_Holcombe" class="mw-redirect" title="Randall Gregory Holcombe">Randall Holcombe</a></li>

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<li><a href="Bryan_Caplan" title="Bryan Caplan">Bryan Caplan</a></li></ul>

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<ul><li><a href="Ronald_Coase" title="Ronald Coase">Ronald Coase</a></li>

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<li><a href="Richard_Posner" title="Richard Posner">Richard Posner</a></li>

<li><a href="Richard_Epstein" title="Richard Epstein">Richard Epstein</a></li>

<li><a href="Robert_Bork" title="Robert Bork">Robert Bork</a></li>

<li><a href="Frank_H._Easterbrook" class="mw-redirect" title="Frank H. Easterbrook">Frank H. Easterbrook</a></li></ul>

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<ul><li><a href="Harry_Markowitz" title="Harry Markowitz">Harry Markowitz</a></li>

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<li><a href="Kenneth_French" title="Kenneth French">Kenneth French</a></li>

<li><a href="Campbell_Harvey" title="Campbell Harvey">Campbell Harvey</a></li>

<li><a href="Lars_Peter_Hansen" title="Lars Peter Hansen">Lars Peter Hansen</a></li></ul>

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